Altira Corporation provides the following information related to its inventory during the month of August 2024:

August 1	Inventory on hand5,800 units; cost $7.20 each.
August 8	Purchased 23,200 units for $7.40 each.
August 14	Sold 17,400 units for $13.90 each.
August 18	Purchased 17,400 units for $7.50 each.
August 25	Sold 20,300 units for $12.90 each.
August 28	Purchased 11,600 units for $7.70 each.
August 31	Inventory on hand20,300 units.

Required:

Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using each of the following cost flow methods.

FIFO:

Determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIFO method.

FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 5,800 $7.20 $41,760 $7.20 $7.20 Purchases: August 8 23,200 $7.40 171,680 $7.40 $7.40 August 18 17,400 $7.50 130,500 $7.50 $7.50 August 28 11,600 $7.70 89,320 $7.70 $7.70 Total 58,000 $433,260

LIFO:

Determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the LIFO method.

LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 5,800 $7.20 $41,760 $7.20 $7.20 Purchases: August 8 23,200 $7.40 171,680 $7.40 $7.40 August 18 17,400 $7.50 130,500 $7.50 $7.50 August 28 11,600 $7.70 89,320 $7.70 $7.70 Total 58,000 $433,260

Average Cost:

Determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average cost method.

Note: Round "Average Cost per Unit" to 2 decimal places.

Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Number of units Unit Cost Cost of Goods Available for Sale Number of units sold Average Cost per Unit Cost of Goods Sold Number of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory 5,800 $7.20 $41,760 Purchases: August 8 23,200 $7.40 171,680 August 18 17,400 $7.50 130,500 August 28 11,600 $7.70 89,320 Total 58,000 $433,260